Mag Mile Capital Secures $1.575 Million Loan for Commercial Building in Great Smoky Mountains Community of Highlands, North Carolina
WESTPORT, Conn., July 14, 2022 /PRNewswire/ — Mag Mile Capital announced that Matt WeilgusSVP and Head of Originations, successfully closed a loan for $1,575,000 to help a client buy a former Bank of America branch in the bustling mountain town of Highlands, North Carolina. The two-story, 7,200 square foot building is located in a central community surrounded by lush forest and natural wonders, often frequented by seasonal tourists, making the property an excellent location for a business. Mag Mile Capital is a boutique company that provides nationwide preferred access to highly leveraged, non-recourse commercial real estate bridge loans and permanent mortgages with drawdown for retail, multi-family, warehousing self-service, industrial, hotels, offices and other businesses. real estate asset classes.
“It was quite a complicated business because the building is currently vacant,” said Matt Weilgus. But after receiving a call from Shaun Weinstock – one of Pine Holdings’ partners – we were happy to help with the funding. The broker kept the interest rate below market for us, even in the face of a rapidly rising interest rate environment. And we negotiated the additional leasehold improvement reserve needed to fund the borrower’s future expenses. It was a good deal overall and everyone is happy.”
Mag Mile Capital: retail location in the Great Smoky Mountains
Address: 424 Pine Street, Highlands, North Carolina
Total loan amount: $1,575,000
Interest rate: 3.65% fixed
Amortization: Amortization table over 25 years
Loan conditions : 5 year term, 25 year amortization schedule, 3.65% fixed interest rate, 0.5% origination fee, no prepayment penalty, full recourse, 75% LTC including reserve future funding for the leasehold improvement allowance and rental commission.
Type of investor: Pine Holdings LLC
Closing Date: 06/09/2022
“Mag Mile Capital has provided an excellent loan with fantastic terms. Flexibility is hard to come by in today’s market so you really need to call an expert. I have no reservations in giving Mag Mile and Matt a call to l ‘future the next time I need their help with real estate financing.’ said Shaun WeinstockPartner, Pine Holdings LLC.
About Mag Mile Capital – Turning Relationships Into Closings Since 1991
Mag Mile Capital is a full-service commercial real estate mortgage banking company headquartered in Chicago with offices at New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Coloradoand Nevada. Mag Mile Capital is a national platform comprised of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement across the capital stack and in all major asset classes. nationally active.
Offering preferred access to best-in-class structured debt and equity advisory solutions and investments for real estate investors, developers and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and connections. as the leading U.S. real estate mortgage lending facilitator. Learn more about: www.MagMileCapital.com.
Samantha L. RiveraOperations Coordinator
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SOURCE Mag Mile Capital